The multi-million Convention center construction project in Kigali.
An international finance magazine-Euromoney, has named Rwanda’s $400 million Eurobond the “2013 Deal of the Year”.
Last year Rwanda succeeded in getting its debut Eurobond of US$400 million as a way to accelerate economic growth.
The bond was issued on the Irish Stock Exchange with an issuance coupon rate at 6.625 percent with lead managers on the deal being BNP Paribas SA and Citigroup Inc, for a 10-years bond offering.
Under President Paul Kagame, Rwanda has seen economic transformation and the government has been boosting transport links and energy supplies and promoting regional trade to lift the Rwanda which is predominantly a tea- and coffee-growing nation into a middle- income economy by 2020.
Rwanda’s economy is expected to expand by 8 percent, as the country also plans on gripping the inflation rate, which was at an accelerating 7.5 percent by the end 2013.
Rwanda will use $200 million to repay loans on the Kigali Convention Centre multimillion construction project and a development plan for RwandAir the national carrier, while another $150 million will be spent completing the center and $50 million on a hydropower plant, according to the government’s prospectus papers.
Euromoney Editor Clive Horwood said that the timing of the deal could not have been better, and international appetite was equally impressive. The deal is another step in the continued rebuilding of Rwanda, whose forward-looking government has put the country on the right track.”
This year, the government is also planning to sell stakes in 13 state- owned companies focusing on agriculture, services, and transport, banking and insurance industries by the end of the fiscal year of 2014 to 2015, raising about 10 billion Rwandan francs ($15.7 million), according to the prospectus.
Rwanda is rated B with a stable outlook by both Standard & Poor’s and Fitch Ratings, five levels below investment grade at both ratings.
Rwanda was once again, in 2014 ranked best performer in making it easy to do business and was ranked in position 32 out of 189 countries in the latest World Bank data provided on Doing Business 2014.
Rwanda moved up 22 steps from its former position 54 in the previous assessment on Doing Business 2013.The 2014 ease of doing business report indicates that Kenya came in 129, Burundi in 140, and Tanzania 145, while Mauritius came in 20 and DR Congo 183 position.
During the state of the nation address in December 2013, President Paul Kagame said that statistics showed that the country had grown in the past year at a 6.6 percentage growth performing better than most African countries and globally; and Kagame asserted that this can even grow more in 2014.
EAC Secretary General, Dr. Richard Sezibera (L), and Foreign Affairs minister, Louise Mushikiwabo, sign an agreement that allows Rwanda to host the EAC Science and Technology Commission in Kigali
Rwanda has signed an agreement with the East African Community (EAC) to host the bloc’s regional science and technology commission, a new body meant to promote and coordinate technological activities within the five partner states.
The agreement was signed on Tuesday in Kigali by the EAC Secretary General Amb. Dr Richard Sezibera and Rwanda’s Foreign affairs minister, Louise Mushikiwabo.
Under the agreement, the operations of the commission are set to commence by July this year with a proposed annual budget of $ 1.8million that will be footed by the Secretariat and the partner states.
Speaking after the signing, Sezibera said for the region to compete globally, it was important to invest significantly in science and technology.
He said the EAC region is endowed with both human and natural resources that need an immediate transformation through innovations to help develop regional economies.
“Investment in science and technology is imperative for the region. Technology is key to the region’s potential, and we cannot compete globally without science and technology,” he said.
The commission will play an advisory role to the community in areas of research, and technology and facilitate technological innovations.
A report published in 2012 dubbed, Governance of Science and Technology in the EAC, by Advocates Coalition for Development and Environment (Acode), indicates that lack of investment in science and technology was likely to impact negatively on the region’s economic development.
The report indicated that though under the African Union, African countries committed to allocate 1 per cent of their national budget to research and development, no EAC member state has yet hit the target.
Members of the Interahamwe militia during the 1994 Genocide against the Tutsi. The Habyarimana regime enlisted the services of many civilians in preparation for the Genocide.
Genocide doesn’t just happen, it is planned. Once there has been categorisation– Hutu, Tutsi and Twa in Rwanda – then polarisation follows. Polarisation is the process of separating something so far apart that it cannot be repaired or reunited.
In the years leading up to the Genocide against the Tutsi, President Juvenal Habyarimana– like his predecessors– set himself and his allies on one side and those he called traitors on the other. On the right side were Hutu who shared both his political ideology as well as his hatred of Tutsi. The rest – the Tutsi and their sympathisers were labeled ‘traitors’.
From traitor to enemy
The word traitor was quickly equated with enemy. On September 22, 1992, an army document was issued explicitly authorising whoever wanted to kill Tutsi to do so without fear of consequence – since Tutsi were the enemy.
This order was in line with the 8th Hutu commandment, published in the Kangura newspaper in October 1990, that said: “It is prohibited to have mercy on Tutsi.”
At the time, many people asked themselves what the commandment meant. Did it mean you would ignore a Tutsi neighbour when they asked for sugar? Did it mean you would not intervene when a Tutsi needed medical help? Did it mean you could not speak up against the injustices Tutsi faced?
But the 1992 document made it clear. Tutsi were an enemy deserving death and any Hutu – according to the 10th Commandment – who spoke out against this ideology or practice was a traitor, deserving the same fate as the Tutsi.
President Juvenal Habyarimana through his various tools– the Hutu Ten Commandments, Kangura newspaper and later RTLM– clearly demarcated friend and foe. Their propaganda told of “incidents,” whereby Rwanda Patriotic Army (RPA) spies went into communities and killed Hutu; proving that the Tutsi would exterminate all Hutu given the chance. In reality, these were staged. It was brutal and callous politics, in which ordinary men and women were sacrificed to propagate a divisive ideology.